UK pharmaceutical giant AstraZeneca has announced further job losses on top of the ones it announced at the beginning of the week. We answer five questions on the AstraZeneca job losses.
How many job losses has AstraZeneca announced this week?
On Monday the company announced around 2,300 job losses world wide - around 700 from the UK. Today it has announced a further 2,300 jobs will be lost globally.
Why is the company axing these jobs?
AstraZeneca is in the process of restructuring its business and has outlined a new strategy that has resulted in these job losses. One of the big aspects of its UK restructuring is closing down its London office and opening a new headquarters in Cambridge.
Research and development work will no longer be carried out at its Alderley Park, Cheshire facility, with approximately 1,600 roles being relocated to Cambridge.
How much is the company investing in Cambridge?
The company is investing £330m ($500m) to build a new headquarters in Cambridge and creating 2,000 jobs in the area.
What other problems do AstraZeneca face?
The company is struggling with a lack of drug developments in the pipeline and patents of blockbuster drugs that are due to expire.
Today it announced it will concentrate on developing drugs to combat respiratory, inflammation and autoimmunity, heart disease and cancer treatments.
What has AstraZeneca said in regards to its new strategy?
In a press statement Chief Executive Officer, Pascal Soriot said: “We are making an unambiguous commitment to concentrate our efforts and resources on our priority growth platforms and our priority pipeline projects.
“As we focus, accelerate and transform our business we know that our success will ultimately be measured by the quality of execution. I’m confident that we have set out on the right path to return to growth and achieve scientific leadership, and I’m equally confident that our people possess the talent, determination and focus to deliver for patients as well as our shareholders.”